Chap. 219.—An ACT to amend the charter of the Virginia sugar refining com-
pany, approved March 3, 1898.

Approved February 15, 1901.

1. Be it enacted by the general assembly of Virginia, That the charter
of the Virginia sugar refining company be amended and re-enacted so
as to read as follows:

1. That William J. Payne, H. D. Flood, O. J. Sands, C. E. Zollickoffer
and Joseph Button, or any three of them who may accept the provisions
of this act, their associates and successors, are hereby constituted a body,
corporate and politic, by the name of the Virginia sugar refining com-
pany, and as such may have all the privileges, franchises and immunities
of corporations created under the laws of this state.

2. The general object of the company shall be the manufacture of
sugar from beets and the refining of sugar, and to the accomplishment
of that end the said company may acquire, by purchase or lease, real
estate deemed necessary for the successful operation of its business, not
execeding twenty thousand acres, lying and being in this state, and to
use such real estate for the location of its plant or plants or the produc-
tion of beets or other products to be used in or about its business opera-
tions; and in order to transport its raw materials or other property to
or from its plant or plants, said company may construct and operate one
or more tramways or electric railways in the manner provided in sec-
tion one thousand of the code of Virginia; and also along such lines as
it may acquire the right of way by purchase or donation, but no one line
to exceed fifty miles in length.

3. The capital stock of said company shall not be less than five hun-
dred thousand dollars nor more than one million five hundred thousand
dollars, to be divided into shares of one hundred dollars each. Subserip-
tions to the capital stock of said company may be made by individuals,
firms, or corporations, and- may be paid in money, labor, services, lands,
machinery or other property, at such price and tipon such terms as may
be agreed on between the subscribers and the incorporators, or the com-
pany.

4. The stockholders in general or in special meeting shall adopt by-

laws for the government of the company not inconsistent with this char-
ter, and they may prescribe the number of directors, so that the same be
not less than five nor more than nine, who shall be annually elected from
among their number.
5. The directors shall elect from their number a president and one
or more vice-presidents of the company, and they shall likewise appoint
such officers and all agents and employees of the company that they
deem necessary for the proper conduct of their business, and may define
the duties of all such officers and fix their compensations.

6. The said company may borrow money, issue bonds or preferred
stock and sell, negotiate, or hypothecate the same so as to raise money to
establish or conduct its business, and may secure such bonds or guaran-
tee the payment of dividends on such preferred stock by deed of trust.
mortgage, or the execution of other liens upon its property—real, per-
sonal or mixed—or upon its franchises or future products, or upon any
part thereof.

7%. The chief office of said company shall be located in the state of
Virginia.

8. This act shall be in force from its passage.